Welcome to my latest Weed Report. The article below is a condensed transcript; the video contains more details and several charts.

Let’s face it: marijuana equities are under pressure. But the overall depressed condition of pot stock prices has more to do with the broader bear market than cannabis sector fundamentals.

There’s still plenty of money to be made in the marijuana industry. In fact, the first-quarter earnings results of marijuana companies have been generally positive. The same can be said of the political and regulatory climate.

Here’s an up-to-date review of reform efforts for marijuana and psychedelics around the nation.

Minnesota. The state legislature on May 22 sent a sweeping health policy bill to Democratic Gov. Tim Walz that contains provisions to create a psychedelics task force designed to prepare the state for possible legalization.

The move came just days after the legislature approved a bill to legalize marijuana, which Gov. Walz promised to sign next week following the Memorial Day holiday.

The new health legislation that’s on track to becoming law would establish a Psychedelic Medicine Task Force that would be responsible for advising lawmakers on “the legal, medical, and policy issues associated with the legalization of psychedelic medicine in the state.”

The body would need to “survey existing studies in the scientific literature on the therapeutic efficacy of psychedelic medicine in the treatment of mental health conditions, including depression, anxiety, post-traumatic stress disorder, and bipolar disorder, and any other mental health conditions and medical conditions for which a psychedelic medicine may provide an effective treatment option.”

The Minnesota legislature passed a bill earlier this month that legalizes the possession, home-cultivation, retail production, and sale of cannabis for those age 21 or older. Provisions in the measure also provide for the automatic review and expungement of criminal convictions related to misdemeanor marijuana violations.

The bill would make Minnesota the 23rd state to legalize recreational marijuana. Cannabis in Minnesota has been legal for medical use since 2014.

Nevada. State sports regulators earlier this month voted to send a proposed regulatory amendment to Republican Gov. Joe Lombardo that would officially protect athletes from getting penalized for using or possessing marijuana in compliance with state law.

Recreational and medicinal marijuana are both legal in Nevada. The governor is expected to approve the reform related to athletes.

New Hampshire. A solid majority of New Hampshire residents continue to support marijuana legalization, according to a new poll released May 23.

The Granite State Poll from the University of New Hampshire Survey Center posed a series of cannabis questions to respondents in the survey.

Overall, 72% of New Hampshire citizens expressed support for adult-use legalization, including 52% who said that they “strongly” support it. Another 21% said that they opposed the reform, and 7% were neutral.

Earlier this month, New Hampshire House lawmakers took up a bill designed to legalize marijuana through a state-run, privately licensed market, akin to the state-operated liquor stores currently in operation in the state.

The New Hampshire Liquor Commission is a government agency that regulates the sale of alcoholic beverages in New Hampshire. The proposed bill would set up a system along similar lines for cannabis.

Ohio. State lawmakers have filed a new bipartisan bill to legalize recreational marijuana. At the same time, pro-marijuana advocates are working to place a reform initiative on the November ballot.

The proposed legislation would allow adults 21 and older to purchase and possess for personal use up to 50 grams of cannabis and cultivate up to six plants, only three of which could be mature at one time.

Citizens with certain previous marijuana possession and cultivation convictions on their records could petition the courts for expungement. Cannabis products would be subject to a 10% tax.

Meanwhile, a campaign to earn placement on the November 2024 ballot is in the process of gathering the necessary signatures, which means voters in the Buckeye State will have a chance to express their say, if the state legislature fails at legalizing pot.

Medical marijuana already is legal in Ohio, but it’s strictly governed under Ohio’s Medical Marijuana Control Program.

Your definitive guide for pot profits…

In addition to these state efforts, major bills are pending in Congress to legalize marijuana on the federal level. And when that happens, the marijuana industry will explode on the upside.

If you want to tap the massive profits up for grabs, I urge you to read my new book: The Wide World of Weed and Psychedelics. The product of years of painstaking research, my book is now available for sale. Click here to order your copy.

John Persinos is the chief investment strategist of Marijuana Profit Alert. To learn more about his cannabis-oriented investment service, visit this URL.

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This article originally appeared on Investing Daily.